Petrobras’ gasoline, diesel sales jump in first quarter of 2012

17 May 2012 16:34  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazilian state-run oil company Petrobras’s domestic gasoline and diesel sales increased by 10% in the first quarter from last year, chief financial officer Almir Barbassa said on Thursday.

A 24% boost in gasoline volumes sold because of competitiveness against ethanol prices, Barbassa said during a conference call with analysts.

The production of fuel derivatives during the first quarter was 3% higher year over year, while sales in the domestic market increased by 10% from last year, Barbassa said.

Sales also increased on a 9% jump in diesel volumes sold amid an uptick in domestic economic activities, he said.

The volume of crude processed in Petrobras refineries reached 1.88m bbl/day, a 2% increase over the same time period the previous year.

The company recorded a refinery capacity utilisation rate of 94% during the quarter.

Petrobras adjusted its refineries to produce more gasoline and diesel in 2011, the company said.

The company expects to release its 2012-16 investment plan by August, Barbassa said.

Petrobras is working on the revision of the business plan, he said.

The producer is closely watching the ability of local suppliers to meet the company's needs for equipment and services, which are important to the company’s ability to meet production targets under the new investment plan, Barbassa said.

The new investment plan is expected to include an outlook on what the local industry is capable of providing.

By: Leela Landress
+1 713 525 2653

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